ETH Whales Accumulate $480M as Withdrawals Fall, Rally Ahead
Ethereum whales have amassed 128,718 ETH (about $480 million), according to Lookonchain, moving tokens off FalconX and Kraken after a recent price dip. On-chain data shows ETH withdrawals from exchanges have declined, diverging from the usual 250,000–300,000 ETH outflows seen at past cycle peaks. Whales are defending strategic buy walls between $3,300 and $3,500. Meanwhile, ETH traded near $3,824, up roughly 2% on the day. Technical indicators show the RSI around 37, suggesting mild oversold conditions, and the MACD below zero with shrinking bearish momentum. The positive directional movement index (DMI) also points to easing downside pressure. This combination of whale accumulation, reduced withdrawals, and firm support levels hints at a potential next rally, though the lack of a withdrawal spike raises questions about whether the cycle top has yet arrived. Traders should monitor whale activity and exchange flows for signals of increased volatility and price direction.
Bullish
Whale accumulation of 128,718 ETH (~$480 M) alongside declining exchange withdrawals and defended buy walls at $3,300–$3,500 point to strong demand and support. Technical indicators (oversold RSI, shrinking MACD bearish momentum, rising DMI) further reinforce a likely relief rally in the short term. Although the absence of a typical withdrawal spike leaves the cycle top timing uncertain, the overall convergence of on-chain signals and price action suggests a bullish market outlook for ETH in both the near and longer term.